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EIR workshop payroll and payroll accounting 06 19 13

June 19, 2013. Dennis Beard spoke at EnterpriseWorks' EIR Workshop. The topic was issues of payroll.

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EIR
WORKSHOP
6.19.13
PAYROLL AND
PAYROLL ACCOUNTING
DENNIS BEARD
 Offers Professional Advisory Services in:
 Business strategy
 Capital formation
 Transitional executive leadership
 Organization development
 Specializes in high technology enterprises
 Manages Serra Capital I, LP – Investment
Fund with 24 companies in portfolio
WHO IS SERRA VENTURES?
6/19/2013 2
I. Payroll Basics
II. Calculations
III. Complicating Factors
IV. Payments
V. Reporting
VI. Penalties and Interest
VII. Solutions
VIII.In-House Payroll Process
IX. Popular Software Solutions
X. Outside Payroll Service
XI. Popular Outside Payroll Services
XII. CPA/Accounting Firms
AGENDA
6/19/2013 3
 Gross Pay
 Various amounts withheld to get to net pay
 Other payments – Employer paid
PAYROLL - BASICS
6/19/2013 4
CALCULATIONS
6/19/2013 5
Weekly Totals Basis for Calculation
Hours 38
Rate 22.50$
Gross Pay 855.00$
Less: "Pre-tax" withholdings
Health Insurance 40.00 Depends on Plan
401K Retirement 42.75 Employee election
Net of Pre-tax withholdings 772.25
Less:
Federal Income Tax Withheld 154.45 Based on Table
Social Security Tax 47.88 6.20%
Medicare Tax 11.20 1.45%
Illinois Income Tax Withheld 38.61 5%
Total Withheld 252.14
Net Pay 602.86$
Employer Liabilities:
Social Security Tax 47.88 6.20%
Medicare Tax 11.20 1.45%
Illinois Unemployment 34.20 experience rated
Federal Unemployement 6.84 0.80%
Employer portion of Health 100.00 Depends on Plan
Employer match of 401K 42.75 Depends on Plan
Total Employer Liabilities 242.87$
 Gross Pay
 Less
 Federal Income Tax Withheld
 Social Security
 Medicare
 State Income Tax Withheld
 Employee payments for benefits
1. Health Insurance
2. 401k/retirement
CALCULATIONS
6/19/2013 6

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EIR workshop payroll and payroll accounting 06 19 13

  • 2.  Offers Professional Advisory Services in:  Business strategy  Capital formation  Transitional executive leadership  Organization development  Specializes in high technology enterprises  Manages Serra Capital I, LP – Investment Fund with 24 companies in portfolio WHO IS SERRA VENTURES? 6/19/2013 2
  • 3. I. Payroll Basics II. Calculations III. Complicating Factors IV. Payments V. Reporting VI. Penalties and Interest VII. Solutions VIII.In-House Payroll Process IX. Popular Software Solutions X. Outside Payroll Service XI. Popular Outside Payroll Services XII. CPA/Accounting Firms AGENDA 6/19/2013 3
  • 4.  Gross Pay  Various amounts withheld to get to net pay  Other payments – Employer paid PAYROLL - BASICS 6/19/2013 4
  • 5. CALCULATIONS 6/19/2013 5 Weekly Totals Basis for Calculation Hours 38 Rate 22.50$ Gross Pay 855.00$ Less: "Pre-tax" withholdings Health Insurance 40.00 Depends on Plan 401K Retirement 42.75 Employee election Net of Pre-tax withholdings 772.25 Less: Federal Income Tax Withheld 154.45 Based on Table Social Security Tax 47.88 6.20% Medicare Tax 11.20 1.45% Illinois Income Tax Withheld 38.61 5% Total Withheld 252.14 Net Pay 602.86$ Employer Liabilities: Social Security Tax 47.88 6.20% Medicare Tax 11.20 1.45% Illinois Unemployment 34.20 experience rated Federal Unemployement 6.84 0.80% Employer portion of Health 100.00 Depends on Plan Employer match of 401K 42.75 Depends on Plan Total Employer Liabilities 242.87$
  • 6.  Gross Pay  Less  Federal Income Tax Withheld  Social Security  Medicare  State Income Tax Withheld  Employee payments for benefits 1. Health Insurance 2. 401k/retirement CALCULATIONS 6/19/2013 6
  • 7.  Employer matching and other costs  Social Security  Medicare  State Unemployment  Federal Unemployment CALCULATIONS, CONTINUED 6/19/2013 7
  • 8.  Salary vs. Hourly  Overtime  Multi-state presence COMPLICATING FACTORS 6/19/2013 8
  • 9.  Federal  Illinois Department of Revenue  Illinois Department of Employment Security  Benefits 6/19/2013 9 PAYMENTS
  • 10.  Federal – 940/941  Illinois – IL940, IDES  Other states 6/19/2013 10 REPORTING
  • 11.  Late payment  Late filing/failure to file  Personal liability of officers and directors 6/19/2013 11 PENALTIES AND INTEREST
  • 12. 6/19/2013 12 “If you are using your payroll taxes due as working capital, you are probably out of business and you don’t know it yet.”  Late payment of your payroll tax liabilities will be some of the most expensive money you can use.
  • 13.  In-house Processing  Outside Payroll Services  Accounting Firms 6/19/2013 13 SOLUTIONS
  • 14.  Software + in-house expertise  Offers flexibility, privacy, may be cost effective  Part of your existing accounting package 6/19/2013 14 IN-HOUSE PAYROLL PROCESS
  • 15.  Quickbooks – various versions from $100 to $600  Peachtree – around $250 to $250 per year  AccountEdge – about $300 6/19/2013 15 POPULAR SOFTWARE SOLUTIONS
  • 16.  Mostly limited to data input  Not much, if any expertise needed  Can be cost effective vs. in-house  Can handle complications such as multi- state effectively 6/19/2013 16 OUTSIDE PAYROLL SERVICE
  • 17.  Intuit Online Payroll  ONPAY  Paychex  SurePayroll  ProPayroll  ADP  Bank of America 6/19/2013 17 POPULAR OUTSIDE PAYROLL SERVICES
  • 18.  Similar to process of Outside Payroll Service  Little knowledge of payroll needed  Can be cost effective depending on complexity and services used  May be somewhat more flexible than the outside services  Often provides best customer service 6/19/2013 18 CPA/ACCOUNTING FIRMS
  • 20. 6/19/2013 20 CONTACT INFORMATION DENNIS BEARD 217.819.5202 dennis@serraventures.co m